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, ' 3. MONTHLY BILLING. As the City receives bills for eligible expenses reasonably incurred, <br /> • the City will in tum send a bill to the Owners. Owners shall be responsible for payment to the City for <br /> such eligible expenses, at reasonable levels, within 30 days of the Owners'receipt of bilt. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make <br /> payment to the City within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners <br /> pay all expenses invoiced pursuant to#3. The City may draw from the escrow account without further approval <br /> of the Owners to reimburse the City for eligible expenses, at reasonable levels,the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be retumed to <br /> the Owners when all requirements related to the project are complete. City Staff shall review the terms of <br /> this escrow agreement two times per year to determine whether the requirements of the project have <br /> been successfully completed and whether it is appropriate to retum the funds. Owner may also request <br /> the release of the funds, and such funds shall be released upon City Staff receiving the appropriate <br /> verification that all requirements of the project have been successfully completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible <br /> expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the <br /> unpaid balance to the subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> 7. ACCESS TO SUBJECT PROPERTY. The Owners hereby grant to the City, its agents, <br /> employees, officers and cont�actors, the right to enter upon the subject property at reasonable times for <br /> the specific purpose of inspecting and completing any exterior improvements, final grading, <br /> establishment of vegetation and the restoration of the subject property should the Owners not complete <br /> the work by the specified dates. <br /> CITY: CITY OF ORONO OWNERS: <br /> By: � /+�`� ��2,�/�- ��/���x.��� <br /> its: �d.�).`��l/ . <br /> �n�t t)se'��y: a �origit�����tna�k�ieP�►i�nt t3: �Y to.�t�N+e <br /> 155441 <br />